• Property Shortlist
  • 143
Auckland, NZ property prices highest in six months
21 Sep

Recent national index figures reveal that property prices were up 1.4% to $852,000 in Auckland, New Zealand for the first time in six months. 

According to the Real Estate Institute of New Zealand (REINZ) report, average house prices hiked 3.6% to $549,000 in the Kiwi nation during the year leading up to August 2018, with Auckland experiencing a particularly high annual growth rate of 6.2% from $428,000 to $455,000.

Average house market prices soared the highest in August in three regions: Gisborne saw an increase of 42.6% to $355,000 while the value or property was up 24.2% to $615,000 in Tasman. Manawatu/Wanganui prices also hiked 10.5% to $315,000.

According to REINZ chief executive Bindi Norwell, “above average temperatures for New Zealand in the final month of winter have had a positive impact on the real estate industry with prices increasing in 14 out of 16 regions across the country.”

She added that “the middle of the North Island and the top of the South Island continue to see strong prices achieved as low listing numbers continue to drive prices upwards in these popular areas.”

Although stats revealed that the number of properties sold in Auckland decreased by 2.4%, rates of properties sold soared in other regions in New Zealand at 5.6%, a 3.1% increase when compared to the same period last year. 

Annual sales growth was highest in regions such as Southland at 23.8% and Taranaki at 23.3%. Gisborne and Waikato also boasted bullish figures at 16.7% and 12.1%, respectively. 

Norwell reported that “we’ve seen some mixed results this month in terms of volumes with 9 out of 16 regions seeing an increase in volumes year on year. However, those increases were enough to pull the national figure up with a 3.1% increase recorded across the whole country.”

More positive sentiment in property sales is expected, with Norwell adding that “as we head into spring, we expect more listings to come to the market which will naturally result in more sales so we may expect the overall numbers to be even stronger in the coming months.” 

Join our newsletter

Please note that Property International / Devere Group will only use the above data to contact you accordingly. By submitting this form, you confirm that you agree to our website terms of use, our privacy policy and consent to cookies being stored on your computer.

  • Connect with Property International on LinkedIn
  • Follow Property International on Twitter
  • Like Property International on Facebook
  • Connect with Property International on Google Plus